BEIJING (Reuters – China’s government revenue from land sale fell in November for the fifth time in a row as a liquidity squeeze impacted country’s largest developers in the face of persistent market headwinds.

The value of national land sales fell 9.90% in November compared to a year ago, but that was lower than the 13.14% decline recorded in October according to Reuters calculations based Reuters data.

Beijing’s attempts to lower leverage within the sector and limit developers’ ability to borrow have led to a financial crunch for real estate companies, such as China Evergrande Group.

As a result of this, the private developer’s appetite for urban land has not been as strong at auctions. This is causing local governments to look elsewhere for income in order to support investment.

According to Reuters, the private sector bought land at 140.6 billion yuan for the second round at 22 cities this November. This is down from the 553.1 billion yuan that was sold in the first round.

On Wednesday, official data showed China’s property was hit harder by the weak demand for cash and weak construction.

($1 = 6.3726 )